financials reports required by NJ Law for HOA's
We are HOA of only 23 individually owned homes with a very modest budget of $23,500 per year to pay only 5 categories of expenses. we file a non-profit tax return yearly. Are there any other required forms we need to complete? We create a budget for the members to approve at our annual meeting. I'm the Treasure and a new owner who is a CPA has challenged the my verbiage and formats. He also insists that I also create Profit and Loss statements as a balance sheet. Seems a bit much when our bank statements clearly list every expense and deposit.
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